Intuit 4000-word in-depth research report

$Intuit(INTU.US)$Yonyou(600588.SH) $KINGDEE INT'L(00268.HK) Researched Intuit's report, core logic is high switching cost moat + ecosystem synergy unlocking growth ceiling.
🎯Core logic: US tax software oligopoly serving tens of millions of SMBs, sole proprietors and consumers; SaaS subscription-based model leverages data migration/learning costs to build switching cost barriers; ecosystem synergy maximizes customer value.
📈Financial highlights: 2021-2025 revenue CAGR 18.2% (¥9.633B→¥18.831B); 2025 ROE 20.29%, gross margin 80.76%, net margin 20.55%; FCF ¥6.083B (5-year positive streak exceeding net profit); subscription model drives highly predictable cash flows with LTV far exceeding CAC.
🔍Ecosystem synergy: Acquired Mailchimp (marketing) and Credit Karma (finance) to expand into marketing/financial services; covers full SMB operation chain (marketing→finance→HR); data flywheel effect (cross-business data empowerment) enhances competitiveness.
💰Business model strengths: Clear revenue structure (70% SMB, 25% consumer); stable recurring cash flows from subscriptions; strong cross-selling capability; continuous customer value expansion.